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BingEx Limited Announces Fourth Quarter and Fiscal Year 2024 Financial Results

1. FLX reported Q4 revenue of RMB1,028.9 million, decreasing from last year. 2. Gross profit margin improved to 10%, indicating operational efficiency gains. 3. Net loss for Q4 reached RMB294.0 million, widening from the previous year's loss. 4. The company plans to repurchase up to US$30 million in shares. 5. Growth in fulfilled orders grew 2.4% year-over-year to 277.2 million.

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FAQ

Why Bearish?

The decreased revenue and widening net loss suggest underlying financial challenges, similar to past downtrends for similar companies in competitive markets. Historical cases indicate that, despite some improvements in margins, significant losses typically influence investor sentiment negatively.

How important is it?

Given the significant drop in revenue coupled with an increased net loss and operational losses, the attention from analysts and investors may lead to further scrutiny of FLX's business model and operational effectiveness. These factors usually result in pessimistic market reactions.

Why Short Term?

Immediate impacts from the earnings report will likely affect stock performance, as market reactions to losses are typically swift. Observations from similar earnings drops suggest initial reactions can persist until operational efficiency improves.

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BEIJING, March 12, 2025 (GLOBE NEWSWIRE) -- BingEx Limited (the “Company”) (Nasdaq: FLX), a leading on-demand dedicated courier service provider in China (branded as “FlashEx”), today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024. Fourth Quarter and Fiscal Year 2024 Highlights: Revenues were RMB1,028.9 million (US$141.0 million) in the fourth quarter of 2024, compared to RMB1,212.3 million in the same period of 2023. For the year ended December 31, 2024, revenues were RMB4,468.2 million (US$612.1 million), compared to RMB4,528.8 million in 2023.Gross profit was RMB102.9 million (US$14.1 million) in the fourth quarter of 2024, compared to RMB103.9 million in the same period of 2023. Gross profit margin reached 10.0%, improving from 8.6% in the same period in 2023. For the year ended December 31, 2024, gross profit was RMB490.6 million (US$67.2 million), representing an increase of 24.3% year-over-year.Loss from operations was RMB152.7 million (US$20.9 million) in the fourth quarter of 2024. For the year ended December 31, 2024, loss from operations was RMB25.8 million (US$3.5 million).Non-GAAP income from operations1 was RMB7.3 million (US$1.0 million) in the fourth quarter of 2024. For the year ended December 31, 2024, non-GAAP income from operations was RMB134.3 million (US$18.4 million).Net loss was RMB294.0 million (US$40.3 million) in the fourth quarter of 2024. For the year ended December 31, 2024, net loss was RMB146.5 million (US$20.1 million)Non-GAAP net income1 was RMB20.1 million (US$2.8 million) in the fourth quarter of 2024. For the year ended December 31, 2024, non-GAAP net income was RMB201.3 million (US$27.6 million).The number of orders fulfilled was 65.8 million in the fourth quarter of 2024. For the year ended December 31, 2024, total fulfilled orders amounted to 277.2 million, representing an increase of 2.4% year-over-year. Mr. Adam Xue, Founder, Chairman, and Chief Executive Officer, commented, “2024 was a landmark year for FlashEx, highlighted by its widespread industry recognition and a solidified leadership position in the on-demand delivery market. Our relentless pursuit of excellence and meticulous attention to detail fueled resilient growth, leading to in 277.2 million fulfilled orders for the full year. By year-end, FlashEx’s services had extended across 295 cities in China, supported by a robust network of 2.8 million registered riders and 100.1 million users. Looking ahead, we will continue to harness our distinctive advantage in the on-demand dedicated courier model while integrating cutting-edge technologies to adapt to evolving industry dynamics and propel sustainable growth.” Mr. Luke Tang, Chief Financial Officer of FlashEx, said, “Our ongoing efforts to optimize corporate structure and enhance operational efficiency drove steady progress across our business despite intensifying market competition in 2024. Our gross profit for the full year 2024 recorded solid growth of 24.3% compared to 2023, with gross profit margin increasing by 2.3 percentage points to 11.0%. What’s more, our average gross profit per order rose by 10.3% year-over-year in Q4 and 21.4% for the full year thanks to our growing brand recognition and differentiated service model. These accomplishments demonstrate the strength of our business model, underscoring our long-term value proposition.” Fourth Quarter 2024 Financial Results Revenues were RMB1,028.9 million (US$141.0 million) in the fourth quarter of 2024, compared with RMB1,212.3 million in the same period of 2023, mainly due to the decrease in fulfilled orders. Cost of revenues was RMB926.0 million (US$126.9 million), compared with RMB1,108.5 million in the same period of 2023. The decrease was primarily attributable to the decrease in Flash-Riders’ remuneration and incentives to fulfill orders, which was partially offset by the immediate recognition of accumulated share-based compensation expenses subject to IPO conditions. Gross profit was RMB102.9 million (US$14.1 million), compared with RMB103.9 million in the same period of 2023. Gross profit margin was 10.0%, compared with 8.6% in the same period last year. Total operating expenses were RMB255.6 million (US$35.0 million), representing an increase of 179.5% from RMB91.5 million in the same period of 2023. Selling and marketing expenses were RMB90.3 million (US$12.4 million), representing a 93.4% increase from RMB46.7 million in the same period of 2023. The increase was primarily attributed to the immediate recognition of accumulated share-based compensation expenses subject to IPO conditions. General and administrative expenses were RMB85.0 million (US$11.6 million), representing a 234.4% increase from RMB25.4 million in the same period of 2023. The increase was primarily attributed to the immediate recognition of accumulated share-based compensation expenses subject to IPO conditions. Research and development expenses were RMB80.4 million (US$11.0 million), representing a 315.0% increase from RMB19.4 million in the same period of 2023. The increase was primarily attributed to the immediate recognition of accumulated share-based compensation expenses subject to IPO conditions. Loss from operations was RMB152.7 million (US$20.9 million). Income from operations was RMB12.4 million in the same period of 2023. Non-GAAP income from operations1 was RMB7.3 million (US$1.0 million), compared with RMB12.4 million in the same period of 2023. Changes in fair value of long-term investments were RMB154.0 million (US$21.1 million), primarily reflecting the losses from fair value measurement of long-term investments. Other income was RMB7.3 million (US$1.0 million), compared with RMB14.2 million in the same period of 2023. The decrease was mainly due to a decrease in the amount of government grants. Net loss was RMB294.0 million (US$40.3 million). Net income was RMB33.5 million in the same period of 2023. Non-GAAP net income1 was RMB20.1 million (US$2.8 million), compared with RMB33.5 million in the same period of 2023. Net loss attributable to ordinary shareholders was RMB296.8 million (US$40.7 million), compared with RMB3.9 million in the same period last year. Basic and diluted net loss per ordinary share was RMB1.49 (US$0.20). Fiscal Year 2024 Financial Results Revenues were RMB4,468.2 million (US$612.1 million) in 2024, compared with RMB4,528.8 million in 2023. Cost of revenues was RMB3,977.6 million (US$544.9 million), compared with RMB4,134.3 million in 2023. The decrease was primarily attributable to the decrease in Flash-Riders’ remuneration and incentives to fulfill orders, which was partially offset by the immediate recognition of accumulated share-based compensation expenses subject to IPO conditions. Gross profit was RMB490.6 million (US$67.2 million), compared with RMB394.6 million in 2023. Gross profit margin was 11.0%, compared with 8.7% in 2023. Total operating expenses were RMB516.3 million (US$70.7 million), representing an increase of 34.5% from RMB383.9 million in 2023. Selling and marketing expenses were RMB223.9 million (US$30.7 million), representing a 19.0% increase from RMB188.2 million in 2023. The increase was primarily attributed to the immediate recognition of accumulated share-based compensation expenses subject to IPO conditions. General and administrative expenses were RMB148.5 million (US$20.4 million), representing a 41.7% increase from RMB104.8 million in 2023. The increase was primarily attributed to the immediate recognition of accumulated share-based compensation expenses subject to IPO conditions. Research and development expenses were RMB143.9 million (US$19.7 million), representing a 58.3% increase from RMB90.8 million in 2023. The increase was primarily attributed to the immediate recognition of accumulated share-based compensation expenses subject to IPO conditions. Loss from operations was RMB25.8 million (US$3.5 million). Income from operations was RMB10.6 million in 2023. Non-GAAP income from operations1 was RMB134.3 million (US$18.4 million), compared with RMB10.6 million in 2023. Changes in fair value of long-term investments were RMB187.7 million (US$25.7 million), primarily reflecting the losses from fair value measurement of long-term investments. Other income was RMB41.7 million (US$5.7 million), compared with RMB74.3 million in 2023. The decrease was mainly due to a decrease in the amount of government grants. Net loss was RMB146.5 million (US$20.1 million). Net income was RMB110.5 million in 2023. Non-GAAP net income1 was RMB201.3 million (US$27.6 million), compared with RMB110.5 million in 2023. Net loss attributable to ordinary shareholders was RMB260.1 million (US$35.6 million), compared with RMB35.8 million in 2023. Basic and diluted net loss per ordinary share was RMB2.51 (US$0.34). As of December 31, 2024, cash and cash equivalents, restricted cash and short-term investments were RMB793.0 million (US$108.6 million). 2025 Share Repurchase Plan On March 11, 2025, the Company’s board of directors adopted a share repurchase program, whereby the Company is authorized to repurchase up to an aggregate of US$30.0 million worth of its shares (including in the form of American depositary shares, each representing three Class A ordinary shares (“ADSs”)) during the twelve-month period from March 12, 2025 to March 31, 2026. The share repurchases may be effected from time to time on the open market at prevailing market prices, through privately negotiated transactions, in block trades, and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. ____________________________1 Non-GAAP income from operations, non-GAAP net income, non-GAAP operating margin and non-GAAP net income margin are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Reconciliations of GAAP and Non-GAAP Results.” Conference Call The Company will host an earnings conference call on Wednesday, March 12, 2025 at 8:00PM Beijing Time (8:00AM U.S. Eastern Time) to discuss the results. Participants are required to pre-register for the conference call at: https://register.vevent.com/register/BI3a23cbcd7c5141dba7f3606e2898f61c Upon registration, participants will receive an email containing participant dial-in numbers and a personal PIN to join the conference call. A live webcast of the conference call will be available on the Company’s investor relations website at http://ir.ishansong.com, and a replay of the webcast will be available following the session. About BingEx Limited BingEx Limited (Nasdaq: FLX) is a pioneer in China in providing on-demand dedicated courier services for individual and business customers with superior time certainty, delivery safety and service quality. The company brands its services as “FlashEx,” or “闪送”. FlashEx has become synonymous with on-demand dedicated courier services in China. With a mission to make people’s lives better through its services, FlashEx remains dedicated to consistently providing a superior customer experience and offering a unique value proposition to all participants in its business. For more information, please visit: http://ir.ishansong.com. Use of Non-GAAP Financial Measures To supplement our financial results presented in accordance with U.S. GAAP, we use non-GAAP financial measures, namely non-GAAP income from operations, non-GAAP net income, non-GAAP operating margin and non-GAAP net income margin, as supplemental measures to evaluate our operating results and make financial and operational decisions. Non-GAAP income from operations represents income (loss) from operations excluding share-based compensation expenses. Non-GAAP operating margin is equal to non-GAAP income from operations divided by revenues. Non-GAAP net income represents net income excluding changes in fair value of long-term investments and share-based compensation expenses. Non-GAAP net income margin is equal to non-GAAP net income divided by revenues. By excluding the impact of changes in fair value of long-term investments and share-based compensation expenses, which are non-cash charges, we believe that non-GAAP financial measures help identify underlying trends in our business that could otherwise be distorted by the effect of certain earnings or losses that we include in results based on U.S. GAAP. We believe that non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility into key metrics used by our management in its financial and operational decision-making. Our non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for or superior to U.S. GAAP results. In addition, our calculation of non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited. Reconciliations of our non-GAAP results to our U.S. GAAP financial measures are set forth in tables at the end of this earnings release, which provide more details on the non-GAAP financial measures. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.2993 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 31, 2024. Safe Harbor Statement This press release contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, these forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. Investor Relations Contact In China:BingEx LimitedInvestor RelationsE-mail: ir@ishansong.com Piacente Financial CommunicationsHelen WuTel: +86-10-6508-0677E-mail: FlashEx@thepiacentegroup.com In the United States:Piacente Financial CommunicationsBrandi PiacenteTel: +1-212-481-2050E-mail: FlashEx@thepiacentegroup.com BINGEX LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(Amounts in thousands, except for number of shares and per share data)   December 31,  December 31,   2023  2024   RMB  RMB  USD ASSETS         Current assets         Cash and cash equivalents  699,391   592,358   81,153 Restricted cash  —   46,735   6,403 Short-term investments  150,699   153,910   21,086 Accounts receivable  12,115   16,893   2,314 Prepayments and other current assets  58,119   48,553   6,652 Total current assets  920,324   858,449   117,608 Non-current assets         Long-term investments  —   324,110   44,403 Property and equipment, net  5,544   3,687   505 Operating lease right-of-use assets  59,852   44,577   6,107 Other non-current assets  14,950   4,600   630 Total non-current assets  80,346   376,974   51,645 Total assets  1,000,670   1,235,423   169,253           LIABILITIES         Current liabilities         Accounts payable  339,832   223,391   30,604 Deferred revenue  51,945   56,768   7,777 Operating lease liabilities, current  12,346   13,091   1,793 Accrued expenses and other current liabilities  249,329   165,714   22,705 Total current liabilities  653,452   458,964   62,879 Non-current liabilities         Operating lease liabilities, non-current  45,360   29,395   4,027 Total non-current liabilities  45,360   29,395   4,027 Total liabilities  698,812   488,359   66,906 Mezzanine equity  2,733,560   —   — Shareholders’equity (deficit)  (2,431,702)  747,064   102,347 Total liabilities, mezzanine equity and shareholders’equity (deficit)  1,000,670   1,235,423   169,253  BINGEX LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Amounts in thousands, except for number of shares and per share data)   Three months ended December 31,  Year ended December 31,   2023  2024  2024  2023  2024  2024   RMB  RMB  USD  RMB  RMB  USD Revenues 1,212,331  1,028,877  140,956  4,528,826  4,468,161  612,136 Cost of revenues (1,108,457) (925,962) (126,856) (4,134,271) (3,977,598) (544,929)Gross Profit 103,874  102,915  14,100  394,555  490,563  67,207 Operating expenses:                  Selling and marketing expenses (46,681) (90,266) (12,366) (188,249) (223,935) (30,679)General and administrative expenses (25,411) (84,986) (11,643) (104,810) (148,549) (20,351)Research and development expenses (19,367) (80,379) (11,012) (90,847) (143,856) (19,708)Total operating expenses (91,459) (255,631) (35,021) (383,906) (516,340) (70,738)Income (loss) from operations 12,415  (152,716) (20,921) 10,649  (25,777) (3,531)Interest income 5,833  4,681  641  20,881  21,216  2,907 Changes in fair value of long-term investments —  (154,039) (21,103) —  (187,725) (25,718)Investment income 987  762  104  4,648  4,203  576 Other income 14,245  7,321  1,003  74,321  41,672  5,709 Income(loss)before income taxes 33,480  (293,991) (40,276) 110,499  (146,411) (20,057)Income tax expense —  (1) —  —  (69) (9)Net income(loss) 33,480  (293,992) (40,276) 110,499  (146,480) (20,066)Accretion of redeemable convertible preferred shares to redemption value (37,382) (2,831) (388) (146,341) (113,658) (15,571)Net loss attributable to ordinary shareholders (3,902) (296,823) (40,664) (35,842) (260,138) (35,637)Net loss per ordinary share                  — Basic and diluted — Class A and B (0.05) (1.49) (0.20) (0.50) (2.51) (0.34)Weighted average number of shares outstanding used in computing net loss per ordinary share                  — Basic and diluted – Class A 26,422,222  153,553,147  153,553,147  26,422,222  58,117,877  58,117,877 — Basic and diluted – Class B 45,577,778  45,577,778  45,577,778  45,577,778  45,577,778  45,577,778  BINGEX LIMITEDRECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(Amounts in thousands, except for number of shares and per share data)  Three months ended December 31,  Year ended December 31,  2023  2024  2024  2023  2024  2024  RMB  RMB  USD  RMB  RMB  USD                   Income (loss) from operations12,415  (152,716) (20,921) 10,649  (25,777) (3,531)Add: Share-based compensation expenses—  160,027  21,924  —  160,027  21,924 Non-GAAP income from operations12,415  7,311  1,003  10,649  134,250  18,393 Operating margin1.0%  -14.8%     0.2%  -0.6%    Add: Share-based compensation expenses as a percentage of revenues—  15.6%     —  3.6%    Non-GAAP operating margin1.0%  0.8%     0.2%  3.0%                      Net income(loss)33,480  (293,992) (40,276) 110,499  (146,480)  (20,066)Add: Changes in fair value of long-term investments—  154,039  21,103  —  187,725   25,718 Add: Share-based compensation expenses—  160,027  21,924  —  160,027   21,924 Non-GAAP net income33,480  20,074  2,751  110,499  201,272   27,576 Net income(loss)margin2.8%  -28.6%     2.4%  -3.3%    Add: Changes in fair value of long-term investments as a percentage of revenues—  15.0%     —  4.2%    Add: Share-based compensation expenses as a percentage of revenues—  15.6%     —  3.6%    Non-GAAP net income margin2.8%  2.0%     2.4%  4.5%    

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